The Great Demographic Reversal by Charles Goodhart & Manoj Pradhan

Author:Charles Goodhart & Manoj Pradhan
Language: eng
Format: epub
ISBN: 9783030426576
Publisher: Springer International Publishing

2Or somewhat back-bending, owing to the use of effort and resources to escape the ravages of higher-level inflation, e.g. on taxation.

3As always, there are qualifications, for example hysteresis, whereby the short-run can affect the long-run equilibrium.

4Economists such as Dennis Robertson and Paish were then widely excoriated for suggesting that equilibrium might require an average unemployment rate above 2%, e.g. Robertson (1959).

N.B. The idea that there could be an equilibrium rate of unemployment, and that expectations mattered, had been voiced long before Friedman/Phelps. But the narrative seemed less compelling then.

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